The MIT Technology Review has published a review called “Let’s destroy bitcoin” in which it details three ways in which the leading crypto could meet its end.

The first scenario outlines governments getting involved. If governments were to release their own digital currencies it could allegedly “improve upon the efficiencies of bitcoin.”

It is believed this move could bring an end to decentralised cryptos.

The second scenario is the taking over of bitcoin by a social media giant like Facebook. In which users are rewarded in crypto for intreating with ads, and letting users have an ad-free experience if they let Facebook use their computer’s power to mine cryptos.

The third option is involves the “tokenisation of everything.” This is where companies release their own cryptos for example “Applecash” or “ToyotaCash”.

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Good afternoon, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin is priced at $9,216 after adding $278 on the day so far.

The senior cryptocurrency is up 10 percent on the week so far according to CoinMarketCap data, and has added a very solid 27 percent on the month.

Yesterday, Rodrigo Marques, CEO of investment platform Atlas Quantum and previously a senior consultant at the Brazil Stock Exchange told Express.co.uk that he sees a “return of a bull market.”

Mr Marques says that several major developments in March and April have seen British and French regulators take a step towards accepting cryptocurrencies as a development “so significant it can no longer be ignored.”

He says that Coinbase being awarded with an ‘e-money’ licence was a “big move” by the UK regulator, followed just a week later by the British government announcing it will form a new crypto taskforce.

Mr Marques also credits the move by Barclays to “break rank” with the scepticism of the mainstream financial world and partner with Coinbase after its user base in Europe - especially the UK - grew twice as fast as any other market last year.

The CEO said: ”I believe bitcoin deflationary characteristics suggest that in the long run, the market is bullish - while more institutional demand and regulatory clarity from the likes of the SEC and G20 are likely to stimulate the market even more.

Updates below throughout the day....

Everything you need to know about bitcoin

Mon, October 30, 2017

How to buy bitcoin: Everything you need to know about cryptocurrency wallets and bitcoin cash.

Iqbal V Gandham, UK Managing Director of eToro, told Express.co.uk that his firm has seen “an uplift in corporate accounts opening” and adds, “we are receiving more enquiries from family offices”.

He said: “We have also seen order sizes increasing, which we believe is in part due to institutional money being invested in cryptocurrencies.”

1.17pm - UPDATE - BTC climbs

Bitcoin has hit $9,312, marking gains of $373 on the day so far.

11.52am - UPDATE - Reuters survey good news for crypto

A survey published by Thomson Reuters has revealed that one in five financial institutions is considering trading cryptocurrencies within the next 12 months.

Kevin Murcko, CEO of cryptocurrency exchange, CoinMetro told Express.co.uk that the long spell of investor cynicism is coming to an end.

He said:“Historically, the banking sector has been notoriously dismissive of the crypto movement. Cryptocurrency has variously been called a bubble, an asset for criminals, and worthless. But today’s survey demonstrates that while financial institutions are saying one thing, they’re doing quite another.”

“The tides of opinion and action in the financial sector are shifting. Goldman Sachs recently made its first crypto hire to explore the possibility of a bitcoin trading desk, while Barclays is also eyeing a move into cryptocurrency trading.”

“We’re witnessing a gradual institutionalisation of the market, and this is sure to drive mainstream adoption. The move to accommodate digital currencies is also a symbolic one; it’s a sign of growing maturity in the market, and represents just how far cryptocurrency has come since its days of relative obscurity.”

From our analysis, it is important that Bitcoin continues on this trajectory; breaking $12,000 for the first time since January will be a potential turning point for Bitcoin.

Matthew Newton, Analyst at eToro

10.46am - UPDATE - 'Pretty grim'

Joe Van Hecke, managing partner at Chicago-based Grace Hall Trading LLC told Bloomberg that there’s a good chance Bitcoin's price will be either around the $7,000 or $11,000 level in the next 30 days.

He said: "We’ve just come through this pretty grim period with Bitcoin taking a pretty massive hit from potential government regulation, Chinese New Year and tax day in the US.

"We’ve got a really bullish trend here. As long as the news on Bitcoin stays relatively quiet, we can have a nice move up past $10,000."

10.40am - UPDATE - BTC rises

Bitcoin has made $316 on the day so far as wallet-holders hope for a $10k return before the day's end.

8.56am - UPDATE - Analysis

Matthew Newton, Analyst at eToro, claims that confidence has returned to the crypto space.

He said: “We’ve seen a sustained Bitcoin rise in the past week as confidence is buoyed, taking prices beyond the $9k mark. A boom in Bitcoin is partly the result of a new US tax year, as investors are buying cryptos after they shed crypto-assets ahead of tax day last week.

"From our analysis, it is important that Bitcoin continues on this trajectory; breaking $12,000 for the first time since January will be a potential turning point for Bitcoin.

"The market is confident on all cryptos at the moment, not just Bitcoin, with the trend to alt coins continuing. Investors should be aware that volatility is likely to continue, but we see a bright future for cryptocurrencies for the rest of 2018 and beyond.”